Mubadala, SoftBank set up Abu Dhabi tech hub luring Amazon, Microsoft

24th March, 2019 11:41:00 printer

TOKYO: Mubadala Investment Company and Japan's Softbank are opening a tech hub in Abu Dhabi to attract the likes of Amazon and Microsoft as the capital’s strategic investment firm aims to nurture tech companies and start-ups.

Hub71 will have office space for venture capital funds, Softbank, Microsoft and Amazon, and will tap into the Abu Dhabi Government’s Ghadan21 fund to offer Dh1 billion in investment and cost of living subsidies to start-ups who open for business in the hub, report agencies.

“Adapt or face the consequences,“ said Waleed Al Muhairi, deputy group chief executive and chief executive of alternative investments and infrastructure at Mubadala at the Hub71 launch event on Sunday.